Indian billionaire Mukesh Ambani's Reliance Industries is the largest company in India with a market cap of Rs 19.83 lakh crore. The company has several brilliant minds who have contributed to its growth. Some of them have even associated with the firm since Reliance founder Dhirubhai Ambani's times. However, after serving in different roles in the company, they decided to move on for several reasons. One such person who recently resigned from Reliance Industries Limited's subsidiary Reliance Jio Infocomm Ltd (RJIO) is Sanjay Mashruwala.
The 76-year-old has resigned from Reliance Jio as managing director. He is one of the two MDs at Reliance Jio. Mashruwala has been the managing director of the company since 2013. He is an accomplished professional and has been a key executive with Reliance since founder Dhirubhai Ambani's times. Mashruwala has been involved with several of its projects and business initiatives.
He will leave Jio effective from June 9, the firm said. Pankaj Mohan Pawar, the other managing director, will continue, according to a BSE filing. "This is to inform that Sanjay Mashruwala, Managing Director, has tendered his resignation as Director of the company, effective from June 9, 2024," the filing said. "The Board placed on record its appreciation for the contributions made by Sanjay Mashruwala in the transformative journey of the company," it said.
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Reliance Jio has been headed by Mukesh Ambani's eldest son Akash Ambani since June 2022. Earlier, he was serving as a non-executive director on the RJIL board since October 2014. The company released its Q4 Results in April 2024 and reported a 13.16 % y-o-y rise in net profit to Rs 5337 crore during the quarter ending March 2024 over Rs 4,716 crore reported during the year-ago quarter. The consolidated net profit for the entire financial year 2023-24 was Rs 20,607 crore, up 12.6 per cent compared to Rs 18,299 crore reported at the end of FY23.
